Subject of insurance
- Hull, machinery, devices, inventory and equipment,
- ship operating expenses,
- excess of liability,
- insurance premium.
From the aspect of vessel type, the following can be covered:
- • ships:
- ferry boats,
- sailing boats,
- surf boards,
- beach canoes,
- pedal boats.
Maritime risks can be divided into two groups:
The first group includes loss of and damage to an insured vessel arising from:
- perils of the seas, rivers, lakes or other navigable waters,
- fire, explosion,
- violent theft by persons from outside the ship,
- breakdown of, or accident to nuclear installations or reactors,
- contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbour equipment or installation,
- earthquake, volcanic eruption or lightning.
The second group includes loss of, and damage to an insured vessel caused by:
- accidents in loading, discharging or shifting cargo or fuel,
- bursting of boilers, breakage of shafts or any latent defect in the machinery or hull,
- negligence of Master, Crew or Pilots,
- negligence of repairers or charterers provided such repairers or charterers are not insured persons,
- barratry of Master or Crew Members.